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UFJ Bank, created out of the merger between Sanwa Bank and Tokai Bank, has put its name to a ¥1 trillion ($7.49 billion) Euro-MTN programme. Sanwa International has scooped the arrangership. It is the third Japanese issuer to come to the Euro-MTN market since the beginning of 2001 and the first this year. The last Japanese borrower to join the market was Sony Global Treasury Services's $5 billion Euro-MTN programme, which was put into place in December 2001. Sanwa Bank and Tokai Bank merged on January 15 2002 with Sanwa as the surviving company. Sanwa also has a ¥1 trillion Euro-MTN programme that was signed in November 1999. UFJ Bank's facility does not yet have a rating. The dealers on the panel are the arranger, Daiwa Securities SMBC Europe, Goldman Sachs, JPMorgan, Lehman Brothers, Merrill Lynch, Morgan Stanley, Nomura and Salomon Smith Barney.

* Norddeutsche Landesbank Girozentrale Rating: Aa1/AAA (Moody's/Fitch)

Kamps, the Düsseldorf-based bakery, this week rolled out one of the first ever corporate refinancings from Germany to incorporate high yield bonds. Its Eu325m of senior notes were priced on Wednesday, and formed part of a Eu725m package put together by BNP Paribas and JP Morgan. The bond proceeds refinance a bridge loan used to tender a bust convertible issue, and a Eu400m revolving credit facility replaces existing short term credit lines and allows Kamps to purchase the remaining 51% of Harry's Group, a French pre-packaged bread brand, by the end of 2003.

Kamps, the Düsseldorf-based bakery, this week rolled out one of the first ever corporate refinancings from Germany to incorporate high yield bonds. Its Eu325m of senior notes were priced on Wednesday, and formed part of a Eu725m package put together by BNP Paribas and JP Morgan. The bond proceeds refinance a bridge loan used to tender a bust convertible issue, and a Eu400m revolving credit facility replaces existing short term credit lines and allows Kamps to purchase the remaining 51% of Harry's Group, a French pre-packaged bread brand, by the end of 2003.

\Kazakhoil this week followed two previous Russian issuers in targeting the euro market with high yielding corporate paper in a clean Eu125m five year deal via ABN Amro. The Ba3/BB rated bond carries a 9% coupon and was priced to yield 465bp over Bunds. "This was a first time issuer, so every account, including the local buyers, had to do their credit homework," said Reid Payne, head of emerging markets syndicate at ABN Amro. "The fact that we were able to place so much paper with European investors shows their confidence in this credit, and their confidence in the support it would receive from Kazakh buyers."

Islandsbanki's Ingvar Ragnarsson and Bill Symington, Iceland's favourite teetotallers, have outdone themselves this week with their invitation to the market for their second Thorrablot party. Leak can't work out if their enthusiasm is designed to entice or scare off the delicate palates of the MTN community, because yes, the shark meat, sheep's testicles and brimfuls of brennivin are back. Along with plastic DIY Viking helmets, Leak was sent a quite spectacular menu - on the outside at least. The contents however, described by the Islandsbanki boys as a 'gastronomic Valhalla', did little to live up to that plaudit. The only two dishes that sounded edible, onion tart and beef Wellington, were labelled 'Off' in the margin. The young chap who ended last year's party with his head between his knees and looking a poltergeist shade of green, may be joined by a few others this year. The bash will be held in The Bluebird Club on London's King's Road. Leak hopes the market had a happy Valentine's day and hopes to see everyone in their Viking helmets next Wednesday.

Brazil Compania Votorantim de Celulose e Papel (VCP) is in the market with a $380m three year export credit facility.

Kommunalbanken has increased the size off its euro4 billion ($3.48 billion) programme for debt issuance to euro5 billion. Daiwa Securities SMBC Europe and Nomura have been added to the now 12-strong dealer panel.

Congratulations to Lehman Brothers, the firm that has had the courage to declare war on "dress down" Mondays to Fridays. Now Lehman men will have to wear suits, unless they are buried deep in the bowels of the back-office and are never allowed to be seen by visiting clients. Lehman's decision is a return to common sense. We deliberately try not to visit too many offices, but when we have no choice, the impression is one of entering an Oxfam jumble-sale room for charity clothes. It is really a sad state of affairs when the best dressed people you see are the lowly paid security guards, who take their dress cue from nightclub bouncers.

Lloyds TSB has sole underwritten a $300m debt facility backing Smith & Nephew's (S&N) $310m cash offer for US based Oratec. The mandate for the loan was signed on Tuesday and S&N announced its acquisition yesterday (Thursday). It is expected that the $300m credit will be taken out at a later stage with a longer syndicated facility targeted at selected relationship banks.

Diminishing volumes because of a drop in M&A and a shaky telecoms sector challenged the loan market in 2001. At the end of last year, loan bankers were confident that with an improved economic environment volumes would increase in 2002. However, with daily credit scares and profit warnings, M&A volumes show no sign of returning to the levels of 1999 and 2000, and the TMT sector has not yet stabilised. This week EuroWeek conducted a straw poll of syndication bankers at the top 12 loan houses in London to reveal what attitudes persist in the first two months of 2002.